GBPUSD Forex Analysis for Today, Thursday (15-08-2024)
Look for BUY Opportunities in GBPUSD, Correction Reaches Trendline Area
GBPUSD Analysis
UK CPI Below Expectations
The UK CPI data for July (YoY) rose from 2% to 2.2%. Meanwhile, the US CPI data for July (MoM) increased, which reduced confidence in a 50 bps rate cut by the Fed in September. However, the US CPI YoY dropped from 3% to 2.9%, still leaving hope that the Fed will cut rates, although not by 50 bps.
Correction Reaches Trendline Area
GBPUSD is currently correcting to the uptrend line area visible on the H1 time frame. A buy signal can be sought in that trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.27717
- R2: 1.28600
- R3: 1.29019
- R4: 1.29458
Support Levels:
- S1: 1.27000
- S2: 1.27500
- S3: 1.28000
- S4: 1.28500
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